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ROCHESTER COMMUNITY SCHOOLS FOUNDATION

RCS Foundation

ROCHESTER COMMUNITY SCHOOLS FOUNDATION

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Questions and answers below.

Donate to a Legacy Fund TODAY!

  • WHAT WILL YOUR LEGACY BE AT ROCHESTER COMMUNITY SCHOOLS (RCS)?

  • Establishing a donor advised charitable fund with the RCS Foundation offers you and your family the maximum tax advantages of a public charity and the opportunity to be involved, recognized and support the students of Rochester Community Schools (RCS). The RCS Foundation can serve as your family’s “charitable checkbook.” You can make begin with one donation to a newly established donor advised fund through the RCS Foundation and pledge for many years after and thereafter support multiple distributions such as an annual scholarship award, or any athletic program such as wrestling, football, swim, or cheer, or the arts, or media centers and/or elementary or secondary academics.

    Giving through the RCS Foundation to reach the students of RCS is easy, flexible and rewarding!

  • If you AGREE to any of the listed benefits, then this is your sign to begin a donor advised fund TODAY!

    The RCS Foundation is ready to help you establish a donor advised fund if you:

      • care deeply about opportunities offered to students at public schools
      • wants to estabish a personal, family or business legacy at RCS
      • have a direct personal connection to RCS
      • loves to be involved and witness the difference of your donation
      • believe in the emotional “Feel-Good” factor! Do you get a sense of personal satisfaction, happiness, or purpose when you donate to a great cause?
      • belive that there is a sense of duty to society and have a desire to improve the lives of others.
      • want to make a difference and enhance educational opportunities for K-12 students
      • aim to receive the maximum tax benefit under federal law for their charitable contribution
  • Why would I create a legacy fund at the Rochester Community Schools Foundation?
  • The RCS Foundation is a nonprofit organization that is independent from the Rochester Community Schools. The RCS Foundation works in partnership with the school district to support educational programs or continue education after K-12, which are above and beyond what the district could otherwise provide.
  • The RCS Foundation helps donors create a legacy of giving that focuses on more than a single charity or interest, beyond one year or a short-term initiative at RCS.
  • The RCS Foundation works with a Professional Wealth Management Advisor to create a Donor Advised Fund that is endowed or non-endowed and the charitable interest of the fund can be honored forever, encouraging succeeding generations to carry on their philanthropic goals.

  • Who are the LEGACY donor funds for at the RCS Foundation?

    Many donors establish a scholarship fund in loving memory or honor of a loved one that has passed, retired, proud parents of graduates, or someone who values training programs and continued education for high school graduates. Currently the RCS Foundation awards over 40 donor advised legacy scholarships annually.

  • How can a donor begin a LEGACY fund at the RCS Foundation?

  • There are many ways for individuals, families and corporations to establish a donor advised fund at the RCS Foundation and create opportunities for tax savings. The RCS Foundation accepts gifts that include cash, check, credit card payments, employee matching, and employee giving.
  • Planned gifts include naming the RCS Foundation as a beneficiary in a will or trust and disbursements from a retirement plan or life insurance policy are acceptable. Through naming the RCS Foundation as a beneficiary, a fund agreement is excuted as a planned gift and creates a permanent legacy that will serve the RCS students’ educational enhancement for generations to come.

  • I am ready to establish a donor advised fund at the RCS Foundation, what are the NEXT steps?

    If you are ready to ESTABLISH a donor advised fund through a pledge, a deposit, or planned gifts, the following steps are encouraged:
    • Contacting the RCS Foundation via email at foundation@rochester.k12.mi.us or calling the foundation office at 248-726-3190.
    • The donor and the RCS Foundation will discuss, review and complete a Fund Agreement form that will name the fund, describe the gift, outline the administrative procedures, define the charitable goal and list the criteria of the fund.

    Determining the means of funding:

    A pledge fund: If you are planning a fundraiser, memorial service, or gathering in honor or memory of a loved one, the RCS Foundation team will work with you to create a platform page and customized online link to share with the public, community, newsletters, obituary, etc. to accept contributions directly desginated to the newly established fund.

    An non-expendable endowed fund: If you would like to provide a donation by check, the RCS Foundation team will schedule an appointment to meet on or offsite, to complete a Fund Agreement form and establish the fund.

    Planned Gift: The RCS Foundation Director and Board Chair will schedule and meet with the donor’s estate planning professional advisor to provide the necessary documents such as the articles of incorportation, tax-id exemption and bylaws to contract and establish a planned fund with inclusion of naming the RCS Foundation as a beneficiary in a will or trust and disbursements from a retirement plan or life insurance policy.

  • Is there a minimum amount required to create an non-expendable endowment or a pledge scholarship fund? If so, what is the minimum amount?
  • Yes, a minimum of $10,000 for a non-expendable endowment will in return provide an annual scholarship to one or two students from $1,000 to $1,500 from gains.
  • A pledged scholarship fund can be created with a minimum of $1,500 before the RCS Scholarship Program begins annually in November followed by an annual pledge to maintain the fund.

  • Naming a non-expendable endowment or a pledged scholarship fund.

  • All donor advised funds are established and named by the initiators of the fund. It could be a personal name, a family name, a career or a memorial fund are a few examples.

  • If I create a donor advised fund with the intention of establishing an annual scholarship award to RCS student(s), how are the recipients chosen for the scholarship?

  • There are 2 options a donor can choose from:
  • Creating and sharing the names and emails of your own committee of 3-5 members. Annually, your committee will receive all the applicants or narrowed down to the top 10-15 applicants that chose your scholarship on the application platform to be considered for your award.
  • The RCS Foundation Scholarship Committee, that consists of 7-8 members, review and choose the most eligible recipient(s) on your behalf, following your set criteria.

  • Are there any fees associated with creating a donor advised fund?

  • All credit card fees are listed and deducted from online payments. A report is generated and provided to the RCS Foundation from STRIPE and shared with the donor of the amount of fees deducted per credit used.

    On a pledged fund, a 2% annual “operation of fund” fee is processed towards the balance of the fund at the end of every fiscal year on June 30.

    On a non-expendable endowment fund, a fixed 2% fee is applied annually to the initial contribution to establish the fund. For example, $200 will be deducted from the gains of a $10,000 non-expendable endowment fund on June 30.

    These fee will be processed as a one-time annually deduction to cover the costs incurred to maintain and provide all RCS graduating high school seniors the opportunity to participate in the annual RCS Foundation Scholarship Program. The costs include but are not limited to the following operation fees: online submission website domain and platform site; processing student agreement and financial forms; check processing and mailings to colleges/universities; and the annual audit services to remain in good standing.

  • What are examples of donor advised scholarship funds? 

  • As mentioned, the RCS Foundation awards over 40 donor advised scholarships to over 70 RCS students annually. A list of the criteria, award amounts, legacy description of the funds can be reviewed by clicking the following and learning more about the annual: RCS Foundation Scholarship Program

Address additional questions to the Foundation Office by calling (248) 726-3190 or sending an email to foundation@rochester.k12.mi.us.

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